Word: kong
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Dates: during 2000-2009
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...Hong Kong's Hang Seng index continued its weeklong swoon, falling 7.19% after recovering slightly on Thursday. Korea's Kospi index fell 4.13%, while India's Sensex lost 7% of its value after plummeting in morning trading. China was not spared. The CSI 300 index, which tracks both the Shanghai and Shenzhen exchanges, was down 4.43%. Singapore's main index fell 7.72% amid economic news that the island state has slipped into recession for the first time since 2002. In a speech Friday, Singaporean Prime Minister Lee Hsien Loong predicted a continued "rough ride" for Asia. "The world is caught...
...banks would promote interbank lending. But Wednesday's coordinated rate cuts in the U.S., Europe and Asia have failed to restore lenders' confidence. The London Interbank Offered Rate, the benchmark for short-term interbank lending rates, actually rose to 4.75% Thursday, its highest level of the year. In Hong Kong, interbank lending rates have doubled in the past month. Banks remain gun-shy about resuming lending, in part because they remain unclear about the scope and details of a proposed U.S. bailout of its banking industry. "The level of trust between financial institutions is relatively low," says Tai Hui, head...
...Banks may get some clarity soon. On Friday, finance ministers from the G-7 nations will meet in Washington, D.C., to discuss a coordinated response to the financial crisis. Adrian Mowat, chief Asia and emerging-market strategist for JPMorgan in Hong Kong, says that central bankers may follow Britain's lead by pumping liquidity into their banking sectors and underwriting loans between banks. "The situation is so serious that they will have to deal with it," Mowat says. "The collapse and crash this week means they must...
...money will keep its value. I invest, but now I don't know how to invest because everything is going down, so I keep watching and worrying about it." Other Asians are taking a philosophical view of the worsening crisis. Dorothy Wong, 49, a psychiatric counselor in Hong Kong, says that a global crash could change laissez-faire attitudes about money. "I think the world needed this, actually," says Wong. "My kids and my friends' kids are spoiled. We made lots and lots of money, and we gave them the impression that it's easy and assured. So this...
...China may cut rates two or three more times this year, Lu predicts, following a pattern established during the 1997 Asian financial crisis when the country used aggressive monetary policy to maintain economic growth. On Thursday Hong Kong, a Chinese territory, reduced its lending rate for the second time in two days, dropping it by 50 basis points to 2% amid what Monetary Authority chief Joseph Yam called "the financial crisis of this century...